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MoneyBox raises £35m, plans launch of ‘crypto-investing’

MoneyBox funding

British digital wealth manager MoneyBox has secured £35m in a Series D funding round, bringing the total investment in the London-based firm to £95.1m.

Launched in 2016, more than 800,000 people use MoneyBox for savings products such as Lifetime ISAs, personal pensions and stocks and shares investments. These are all accessed via a smartphone app.

Fidelity International Strategic Ventures led the funding round, while existing investors plus new investor Polar Capital also provided cash.

MoneyBox said it will use the capital injection to introduce financial planning services and an investment product that focuses on “long-term wealth generation”.

MoneyBox co-founder and co-CEO Ben Stanway told fintech publication AltFi that the company will also introduce “crypto-investing” options, such as adding a small amount of Bitcoin to a larger portfolio.

Stanway said MoneyBox will expand into cryptocurrency “through the lens of diversification, not through the lens of speculation”.

MoneyBox, like other digital investment firms, has enjoyed rapid growth during the pandemic.

The company says it handles more than £2.9bn in assets and that its revenue has grown by 340% since its £30m Series C fundraise in July 2020.

“This new round of investment enables us to create even better services to help our customers succeed across their home-buying, retirement, savings and investing missions,” said Stanway. “By continuing to focus on the large and under-served mass market we believe we are on a path to create the UK’s category-defining wealth platform.”

MoneyBox now employs around 300 people and has recently bolstered its leadership team with a series of new hires.

The fintech said it will also open up its funding round to retail investors via a crowdfunding campaign in May.

“Moneybox is at a significant inflection point in its journey and this next chapter of growth will see them introduce new unique investment solutions helping to support millions as they save for the future,” said Alokik Advani, managing partner, Fidelity International Strategic Ventures.